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Update: It's official.

Joystiq reported today that Microsoft's motion-capture camera and gaming controller, code-named Project Natal will be called Kinect.

The news came from an Italian ad for the product that was pushed out by Atlas, an ad agency owned by Microsoft. The news was originally broken on USA Today's Game Hunters blog in a post which has since apparently been redacted.

Companies in the internet TV space should start worrying. It seems Microsoft's foray into life streaming on the XBox 360 will arrive as early as autumn. As promised in early June at the
E3 event, 360 Live users will see Twitter, Facebook and streaming radio service Last.fm available to their community as downloadable apps. Additionally, the existing Netflix application is expected to be updated to allow users to browse through titles directly from Live. With the promise of on-demand games, streaming videos, music and a new social media component, the Xbox community is about to look a lot like open source media center Boxee.